Corporate Accelerator & NEXEA Invests in 5 Tech Startups
By Digital News Asia November 5, 2021
- Double number of applicants, quality of tech startups increased tremendously
- Follow-up funding of up to US$253k available per startup per round of investment
NEXEA & Corporate Accelerator 2021 have announced the selection of five tech startups as finalists for their Corporate Accelerator programme with a total funding of US$253,000 (RM1.05 million).
Previous cohorts of the Corporate Accelerator programme have produced startups that are growing 2X to 3X on a yearly basis with an exit of 6X. The fastest growing tech startup from the Accelerator is currently at 100X the initial investment, within a time span of under 4 years.
The Corporate Accelerator programme, formerly known as the Multi-Corporate Accelerator programme in 2020 is a leading accelerator programme in Malaysia that helps early startups to achieve great success by leveraging on the best investors, corporates and support partners in Malaysia. The accelerator programme is organized by NEXEA, Malaysian Global Innovation and Creativity Center (MaGIC), Malaysian Business Angel Network (MBAN), AWS Activate, MDEC and Cyberview.
“The competition among startups has doubled this year along with the number of applicants, and I am pleased to see that the quality of tech startups has also increased tremendously. We hope to keep finding potential tech giants years to come”, said Ben Lim, Managing Partner of NEXEA (pic).
Funding by the Corporate Accelerator programme ranges between RM50,000 to RM 250,000 depending on the stage of the startup. Following the programme, there will be follow-up funding of up to RM1 mil per startup per round of investment.
[RM1 = US$0.241]
The five startups were selected from a pool of over 1100 applicants. These startups will be provided mentorship, investments, corporate support, and up to RM2 million in additional benefits-in-kind.
The top five startups that were selected as finalists this year are:
- Entrusol is a firm that creates one-of-a-kind, high-quality health goods that will improve their customers’ lives
- Running Man is a food delivery company focusing on popular food
- Payex Venture is a payment gateway that offers online money collection services to freelancers, Facebook Live and Instagram sellers.
- Riipay is a consumer-centric buy now pay later platform that exists to transform the way shoppers pay for their purchases by offering simple and convenient payment methods.
- TalentCloud.Ai is a technology firm that develops software for human resource management and business management for companies of all sizes.
Startups looking for support from experienced mentors, corporates, and ecosystem players are encouraged to find out more at https://corporateaccelerator.org/ for the next round of the programme expected to be launched by Q1 2022.
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